Serb telecoms crackdown escalates

Serbian authorities have issued an arrest warrant for Sreten Karic, the brother of a tycoon whose Mobtel mobile phone company is under investigation.

Sreten Karic had failed to report to police for questioning, Serbia’s B92 news website reported. He is accused of fraud and tax evasion

Retrial for Mannesmann bonus case

A German court has ordered the retrial of Deutsche Bank chief executive Josef Ackermann and five other ex-members of engineering giant Mannesmann’s board.

An original trial last year cleared the six over their roles in approving bonuses relating to Vodafone’s acquisition of Mannesmann in 2000.

They were accused of paying executives bonuses worth around 60m euros ($71m)

Ex-Qwest boss faces fraud charges

The former chief executive of US telecoms giant Qwest Communications, Joseph Nacchio, has been indicted on 42 counts of insider trading.

This is the first criminal charge against Mr Nacchio in the US government’s four-year-old probe.

Mr Nacchio is charged with selling more than $100m of Qwest stock after he had been warned that the firm would miss revenue targets

Bank of Italy governor steps down

Bank of Italy governor Antonio Fazio has resigned, a central bank spokeswoman has announced.

Pressure had been mounting on Mr Fazio to quit following a scandal over the sale of Italy’s Banca Antonveneta.

Mr Fazio is facing an investigation into suspected insider trading and abuse of office relating to his handling of the bank takeover battle

Bush spying claim causes US storm

Allegations that President George Bush authorised security agents to eavesdrop on people inside the US have caused a storm of protest.

The New York Times says the National Security Agency was allowed to spy on hundreds of people without warrants.

The NSA is normally barred from eavesdropping within the US

Pressure mounts on Fazio to quit

Pressure is mounting on embattled Bank of Italy governor Antonio Fazio to quit over a bank merger scandal.

Mr Fazio has so far ignored widespread calls for his resignation, but Italy’s economy minister has now threatened to oust him.

The news came as it emerged that Mr Fazio is now being investigated for alleged insider trading

S Korea stem cell success faked

A South Korean cloning pioneer has admitted fabricating results in key stem cell research, a colleague claims.

At least nine of 11 stem cell colonies used in a landmark research paper by Dr Hwang Woo-suk were faked, said Roh Sung-il, who collaborated on the paper.

Dr Hwang wants the US journal Science to withdraw his paper on stem cell cloning, Mr Roh said

Black facing racketeering charge

US federal prosecutors have indicted media tycoon Conrad Black on further charges including racketeering.

Lord Black is also facing additional charges of obstruction of justice, money-laundering and mail fraud, officials confirmed.

The move comes just two weeks after Lord Black pleaded not guilty to eight charges of fraud in a Chicago court

Italian finance bosses arrested

Three Italian bank bosses involved in a controversial takeover deal this summer have reportedly been arrested.

Gianpiero Fiorani, ex-Banca Popolare Italiana (BPI) boss, was charged with criminal association in market rigging, AP quoted prosecutors as saying.

Also reportedly detained were former chief finance officer Gianfranco Boni and consultant Silvano Spinelli

Maverick Tapie convicted of fraud

French business maverick Bernard Tapie has been sentenced to three years in jail for tax fraud.

But the former Marseille football club owner will not go to prison after the judge took into account time already served for previous convictions.

The Paris Criminal Court found Tapie guilty of failing to pay 7m euros (£4